Business Directories

Hungary asks for possible financial help

Brussels, November 21, 2011

The European Commission said on Monday it had received a request from Hungary for possible EU financial assistance and that the authorities in Budapest had made a similar request to the International Monetary Fund.

"They have also indicated that their intention is to treat any EU support that might be made available as precautionary," the European Commission said in a statement, adding that it would consider Hungary's request in consultation with EU member states and the IMF.

Hungary said on Friday it had started talks with the International Monetary Fund and the EU about a new precautionary credit line to shield it from the debt crisis in the euro zone.

Its Economy Ministry said at the time it expected to sign a new agreement with the IMF and the European Union early next year, but it did not expect the deal to entail new austerity measures. - Reuters